TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 23, 2018


 

AUDUSD – 1 Hour Chart

 

The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.7170, 0.7200, 0.7270 and 0.7335.

The Reserve Bank of Australia (RBA) continues to hold the official interest rate at the record low of 1.5%. The rate has been held at 1.5% for over 24 months. The Australian economy continues to grow at a steady pace and produce positive economic indicators under the low interest rate – giving incentive to keep the rate as it is.   The US Federal Open Market Committee (FOMC)  continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

The EURGBP has been bearish. Price action has formed a double-top reversal pattern and a bearish channel and the moving averages are bearish, all suggesting that the EURGBP could start down-trending. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the channel resistance area, around the horizontal resistance at 0.8920 and around the previous horizontal support levels at 0.8870 and 0.8880. A bearish move could find support around the channel support area and around the horizontal levels at 0.8825 and 0.8770.

Recent economic indicators for the UK have been positive – giving strength to the Pound. The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. Trade and other agreements are finalising between the EU and the UK. A final deal and departure from the EU may give added strength to the GBP, as economic and political uncertain slows. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. The official rate continues to be at the record low of 0.00% though. Most economists agree that a rate hike is not likely until the summer of 2019.

There is no major scheduled news today that will directly impact this currency pair.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has been finding support around the trend support area. The EURUSD continues to be indecisive. The moving averages confirm the indecision – they are moving sideways and are tight. Trading opportunities could exist around the trend support area, around the moving averages and around the horizontal levels at 1.1215, 1.1355, 1.1365, 1.1420, 1.1460 and 1.1490.

The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. The official rate continues to be at the record low of 0.00% though. Most economists agree that a rate hike is not likely until the summer of 2019. The US Federal Open Market Committee (FOMC)  continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

Price has been bullish and has swung above the bearish  channel resistance area. The GBPUSD has formed a higher swing high and a higher swing low, suggesting that price could start up-trending. The moving averages are still moving sideways and crossing though, suggesting indecision. Opportunities to go long may exist around the previous swing high at 1.2870, around the moving averages, around the channel support area and around the horizontal support levels at 1.2765 and 1.2735. A bullish move could stall or reverse around the channel resistance area and the horizontal level at 1.2915.

Recent economic indicators for the UK have been positive – giving strength to the Pound. The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. Trade and other agreements are finalising between the EU and the UK. A final deal and departure from the EU may give added strength to the GBP, as economic and political uncertain slows. The US Federal Open Market Committee (FOMC)  continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.

There is no major scheduled news today that will directly impact this currency pair.

 

NZDUSD – 1 Hour Chart

 

Just like most other USD pairs, the NZDUSD has been moving sideways and is looking indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. Price is consolidating between the horizontal levels at 0.6780 and 0.6845 and is also between the identified diagonal support and resistance areas. Trading opportunities could exist around the support and resistance areas of both consolidation and if the NZDUSD moves out of either consolidation (break-out trade). A break to the upside may find resistance around the horizontal resistance levels at 0.6865 and 0.6880.

The Reserve Bank of New Zealand (RBNZ) continue to keep the official interest rate at 1.75%. The RBNZ have announced that the rate is likely to stay the same throughout 2019 and perhaps into 2020. The economy is looking balanced and a drop in NZD price is desirable in order to boost exports. The US Federal Open Market Committee (FOMC)  continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCAD has reversed off the bullish channel support area. Price is up-trending within a bullish channel. Long opportunities may exist around the channel support area. The moving averages are tightening and could cross bearish, signalling that the USDCAD could struggle to swing higher. Shorting opportunities may exist around the moving averages and around the horizontal resistance levels at 1.3260 and 1.3315.

The US Federal Open Market Committee (FOMC)  continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Bank of Canada (BOC) continues to raise interest rates, as expected. The current rate is 1.75% – it’s highest since December 2008. Further rate hikes are expected. The recent USMCA has given strength to the Canadian Dollar.

A Canadian CPI figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has been reversing off the range support and resistance areas (as suggested in yesterday’s chart analysis). The USDCHF is ranging between the horizontal support at 0.9920 and the horizontal resistance at 0.9955. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF closes out of the range (break-out trade).

The US Federal Open Market Committee (FOMC)  continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss Franc continues to be highly valued. The SNB has announced that it will continue to intervene with in foreign exchange markets.

There is no major scheduled news today that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart 

 

Price continues to be indecisive and lack trend momentum. The moving averages are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 112.30, 113.10 and 113.25.

The US Federal Open Market Committee (FOMC)  continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is under-performing.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

GOLD continues to be indecisive and lack trend direction. Trading opportunities could exist around the identified horizontal levels at 1197.90, 1218.20, 1220.15, 1.228.50 and 1235.75.

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